Bitcoin Technical Analysis: ARE THE BULLS BACK?
Bitcoin has broken out of a key resistance at $6,540. I told you yesterday if the bulls could push price above that resistance, it was likely going to quickly rise to $6,750. That’s exactly what happened. As of writing this, bitcoin is finding resistance at $6,750. A break above this would likely send price to $6,950...which would be a major test for Bitcoin in my opinion. I explain more in the video at the bottom of this post.
Looking at the daily chart, we can see price just broke above the 55 day EMA. If the daily candle can close above this zone, that'll be a very bullish sign of strength.
In today’s video analysis, I discuss market psychology from a market makers point of view, the fight I see taking place between retail and smart money, signs to watch out for and MUCH more. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Slightly Bullish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
If we can breach and stay above $7k, I think we have a chance of going higher.
I completely agree. If price breaches $6,950 ($7K psychological), it’ll have broken the golden pocket for the first time this year. Shorts are starting to fall off while longs slowly rise. Volume is ticking up across the board. Alts are starting to pop. I’m not sold yet as this market is far too easily manipulated...but things are getting interesting.
I'd call that a nice, realistic perspective. I agree.
If the reversal doesn’t happen soon and it get smashed like it has done every time for the past 9 months then it grinds and spikes to 7200 at least here.
I think the magic number is $6,950. If Bitcoin gets north of that...I’ll start to believe this thing has legs.